Bitcoin has been grabbing headlines with its recent all-time high above $73,000 in March. This peak has led to speculation within the cryptocurrency market regarding whether Bitcoin has reached its top for this cycle. However, a crypto analyst known as ‘CryptoCon’ has conducted a detailed analysis of Bitcoin’s price movements and future prospects, suggesting that there is still significant upside momentum for the pioneering cryptocurrency.
On July 11, CryptoCon shared insights on Twitter about Bitcoin’s price movements, focusing on the Relative Strength Index (RSI) Bollinger Band % phases. According to the analyst, these phases play a crucial role in accurately identifying true cycle tops in Bitcoin’s price. The RSI Bollinger % Band is a technical tool that confirms a trend’s strength and predicts its direction. By studying these phases, CryptoCon was able to pinpoint the final true top for Bitcoin in previous bull cycles, such as the initial April double tops of 2013 and 2021.
Examining a price chart of Bitcoin’s historical movements from 2010 to 2015, CryptoCon highlighted five distinct phases in each bull cycle. These include the bear market breakout, the first cycle breakdown recovery, the second early top, the all-time high (ATH) break, and the cycle top phase. Based on this analysis, CryptoCon believes that Bitcoin has completed the third phase of its current cycle, reaching the “second early top” in March when it surged to a new all-time high above $73,700.
Despite Bitcoin’s recent downward price movements following its rise to the second early top phase, CryptoCon remains optimistic about the cryptocurrency’s potential for further growth. The analyst suggests that Bitcoin still has two phases left to experience the best price action in this market cycle. Notably, the market has already hit critical levels of RSI Bollinger % Bands, typically observed at cycle bottoms and during the 2020 Bitcoin crash. With only two phases remaining, Bitcoin could potentially surpass its initial $73,700 all-time high and reach new heights.
The in-depth analysis conducted by CryptoCon sheds light on the potential upside momentum of Bitcoin despite recent market fluctuations. By examining the RSI Bollinger Band % phases and identifying key cycle tops in Bitcoin’s price history, the analyst offers valuable insights into the future trajectory of the cryptocurrency. With just two phases left to unfold in the current cycle, Bitcoin enthusiasts and investors can look forward to the possibility of breaking into new all-time highs and reaping the benefits of the digital asset’s continued growth.
